The 32-year-old will defend her track sprint title at her fourth Olympics and also compete in the keirin and team sprint events.
"I'm incredibly proud, I'm incredibly humbled," she said at a ceremony in Melbourne's Fed Square on Wednesday.
"I don't think it changes anything that I'm going to do (at Rio)."
Meares, one of Australia's greatest Olympic cyclists, won a time trial gold in her Games debut in Athens in 2004 and a silver in the individual sprint in Beijing four years later.
In an interview with Reuters on Tuesday, the 11-times world champion said she relished the chance to battle against a new generation of riders and expected to be in peak fitness when she rolls into the Rio velodrome next month.
Australian chef de mission Kitty Chiller said Meares was the perfect example of what the team represents - respect, humility and excellence.
"This athlete I have selected is already an inspiration to all of Australia and I know will take on this role with the commitment and passion that has been the hallmark of their career to date," Ms Chiller said.